Four Important Insurance Plans for Women

Women generally have a tendency to procrastinate when it comes to taking financial decisions about their own self.

Richa had the similar tendency as she was so busy juggling between home and office. But one fine day while she was relaxing she gave a deep thought about her future and her financial stability. She then also considered the uncertainties of life.

Richa out of fear and anxiety immediately researched about the importance of financial planning and financial security for a woman.

She came across an article that highlighted the four important insurance plans which must be a part of a women’s financial kitty to ensure that they are financially prepared for odds of life coming their way in the form of untimely death, illness, disease or old age.

Richa continued reading the list;

• Term Insurance Plan

Women are now not only restricted to household chores today, but they are now income earners and contributors. Women move shoulder to shoulder with men in all spheres of life. The household expenses and financial goals are dependent in collation to the total income earned by both the man and the woman in the family.

So, in times of her untimely demise, the family’s financial stability and the standard of living would be certainly affected. This is where a term insurance comes in to the picture. The term insurance plan is a pure protection plan which will provide financial support to the family in case of an untimely death of the insured by providing a death claim amount equivalent to the sum assured under the policy term.

Term plans are the most affordable form of life insurance. Such pans offer a higher sum assured at low premium rates as only death is covered as they are only risk covering plans and don’t provide any maturity benefit. Women are charged lesser premiums as compared to men on the basis of having higher longevity to live.

Most insurance companies don’t offer term plans to housewives but Edelweiss Tokio Life Zindagi Plus has a better half benefit where in after the death of the insured, the sum assured will be given to the nominee and the spouse even if she is a homemaker gets a life cover of up to 50% of the life cover which was provided to the insured. In this way, both the spouses are covered under one plan without worrying about taking multiple policies.

• Health Insurance Plan

A woman ensures that her family’s health is always taken care of and she often neglects her own health. The increase in heart-related diseases, gestational diabetes, cancer, reproductive health, depression is some of the reasons why women in India need to look at buying a health insurance policy. Pollution, stress and lifestyle diseases are constantly growing forming a dent in the family’s financial health.

It is often observed that very few women take independent health insurance policies. Women need to have a robust health coverage considering their age, past ailments, location and increasing health care expense.

For working women, relying only on group health plans may not be prudent as it will serve you till the time you are employed. A personal health insurance plan is essential and will certainly offer you a cushion impact in case of a medical exigency or planned treatments.

• Critical Illness Health Insurance Plan

Women’s health issues are different as compared to men and need special attention. But sadly, very few women give importance to their own health. Mostly, women are busy juggling between home and office. Women are more prone to certain critical illnesses like cancer being one of them. Cases of cervical and breast cancer are rising due to many associated factors. There are other critical illnesses like Heart attack, Multiple Sclerosis, Stroke, Major Organ Transplantation, Chronice Kidney Disorder which women are prone to.

The average cost to treat critical illnesses is very high and it is next to impossible to arrange for immediate funds during such crucial times Thus, here comes the need for critical illness coverage which are fixed benefit insurance plans.

Such plans offer you a lump sum amount equal to the sum insured on the diagnosis of the pre-listed critical illness irrespective of your actual expenses. A critical illness plan or a critical illness rider provides high sum assured at reasonable premium rates.

• Retirement Plan

Retirement is the second innings of life. Women hardly get any time to look upon their personal finance needs. But timely planning for their retirement corpus is essential. To enjoy the freedom of being financially independent and take care of your own expenses in the retirement stage is desired by everyone. But, this comes with a proper retirement planning. Also as per statistics, women tend to have a higher life expectancy rate as compared to men which makes it imperative for women to plan for their retirement.

A woman’s life makes a difference to everyone around her. Therefore, investing and securing her future is prudent.